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Current as of January 01, 2024 | Updated by FindLaw Staff
(1) In calculating the value of the distributive shares the following deductions and no others shall be allowed:
(a) Debts of the decedent, except debts secured by property not subject to the tax jurisdiction of Kentucky; and except debts barred by the statute of limitations;
(b) Taxes accrued and unpaid, except those on property not subject to the tax jurisdiction of Kentucky;
(c) Death duties paid to foreign countries;
(d) Federal estate taxes, in the proportion which the net estate in Kentucky subject to federal estate taxes bears to the total net estate everywhere subject to federal estate taxes; all calculations are subject to approval by the Department of Revenue;
(e) Drainage, street, or other special assessments due and unpaid which are a lien on said property;
(f) Funeral, monument, and cemetery lot maintenance expenses actually paid not exceeding in total five thousand dollars ($5,000);
(g) Commission of executors and administrators in the amount actually allowed and paid;
(h) Cost of administration, including attorney's fees actually allowed and paid.
(2) Notwithstanding the provisions of KRS 404.040, the debts of a deceased wife, subject to the exception in subsection (1)(a), shall be allowed in calculating the distributive shares of her estate for purposes of this chapter, provided such debts are paid from the proceeds of her estate.
Cite this article: FindLaw.com - Kentucky Revised Statutes Title XI. Revenue and Taxation § 140.090.Deductions allowed from distributive shares - last updated January 01, 2024 | https://codes.findlaw.com/ky/title-xi-revenue-and-taxation/ky-rev-st-sect-140-090/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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